Certain provisions in trust deeds void
302B Certain provisions in trust deeds void
A provision of a trust deed is void to the extent that it has the effect of:
cancelling, reducing or qualifying a beneficiary’s interest under the trust; or
allowing the trustee to exercise a discretion to the detriment of a beneficiary’s interest;
if the beneficiary becomes a bankrupt, commits an act of bankruptcy or executes a personal insolvency agreement under this Act.
This section does not apply to a provision that facilitates compliance with:
section 128B; or
section 128C; or
a notice under section 128E; or
an order under paragraph 128K(1)(b); or
a notice under section 139ZQ; or
an order under subsection 139ZT(2); or
an order under section 139ZU.
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